VASPA Formally Requests Extension & Strategic Reforms for the CBN VASP Regulatory Sandbox Today, the Virtual Asset Service Providers Association of Nigeria (VASPA) submitted a formal request to the Central Bank of Nigeria (@cenbank), commending the launch of Cohort 2 of the Regulatory Sandbox Programme while urgently calling for an extension of the application window. While the VASP Sandbox Pathway is a landmark step for Nigeria’s digital economy, the current 19-day application window (closing today, August 31) places an extraordinary burden on indigenous, early-stage innovators. Producing CREST-certified penetration tests, independent reserve attestations, and full board-approved policy libraries requires lead times that structurally exceed this timeframe. To ensure the inaugural cohort is robust, inclusive, and competitive, VASPA is requesting a 60 to 90-day extension (targeting November 30, 2026) or a shift to a rolling intake model. We have also proposed 8 structural recommendations to strengthen the Sandbox, including the following: 1. A Two-Stage Application Process to streamline initial screenings; 2. Proportionality Across VASP Categories so non-custodial wallets and RegTech tools aren't burdened with the same requirements as stablecoin issuers; 3. Clear Jurisdictional Boundaries to explicitly distinguish the CBN’s mandate (monetary transmission/payments) from the SEC’s ARIP mandate (securities/investments), preventing duplicative filings; 4. Transitioning Pre-Admission Requirements to In-Sandbox Milestones for time-intensive deliverables; We remain committed to partnering with the CBN to foster a safe, well-regulated, and innovation-friendly digital asset market. Read our full submission and press release on our website. vaspa.org/vaspa-cbn-vasp-reg… @SECNigeria , @NigeriaRevenue #VASPA #CBN #RegulatorySandbox #DigitalAssets #FintechNigeria #Web3 #Compliance #FinancialRegulation